Archer Daniels Rated Neutral By Citi After Rejection Of GrainCorp Deal

Archer Daniels Midland Company (NYSE:ADM) received a Neutral rating from Citi following its Graincorp Ltd (ASX:GNC) (OTCMKTS:GRCLF) dea’sl rejection by the Australian government. David Driscoll of Citi doesn’t believe ADM would call for a massive share repurchase following the failed deal. Archer Daniels was to acquire GrainCorp Earlier, Archer Daniels Midland announced that it had completed due diligence on Graincorp Ltd (ASX:GNC) (OTCMKTS:GRCLF) and would proceed with a recommended takeover offer. ADM indicated the due diligence had confirmed that the deal could meet its financial objectives of returns of 200 basis points or 2% above the company’s weighted average cost of capital…